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As we inch closer to the birthday of the digital streaming platform, Netflix, might we remind you that it will be celebrating its 22nd birthday? Yes, this sounds unfathomable, but Netflix has been around for more than two decades now. Conceptualized by the brilliant minds of Mark Randolph and Reed Hastings, Netflix was born on August 29th, 1997, as a DVD selling startup. The idea was to sell and rent movies through the mail in the DVD format, rather than VHS tapes. But, the simple idea of a DVD rental service transformed into the way the entire world consumes modern content. And we are here to tell you how Netflix did it. Here’s the entire timeline of Netflix’s journey from Silicon Valley to your mobile.
The company officially launched on April 14th, 1998
With a team of 30 employees and a total collection of 925 DVDs, Netflix took off with early raised funds of $2.5 million.
The first few years were tumultuous and concluded with losses
To stand out from the market, and built a separate entity from the local DVD renting stores, Netflix introduced a monthly rental system. Consumers were overjoyed at this offer, as it meant – no late fees, no restrictions and unlimited viewing.
In 2003, Netflix registered the profit of $6.5 million
By swapping viewing plans and expanding content, Netflix quickly spearheaded the market and became the supreme DVD rental service. It virtually ended the Blockbuster Rental Services.
On January 15th, 2007, Netflix began offering streaming services
Yes, the feature that the entire world relishes now was introduced on January 15th , 2007. Being the trailblazer that it was, Netflix started running on computers via the internet.
Netflix launched Movies with a lower resolution than DVD
Netflix’s streaming platform wasn’t very well welcomed at first, as not many people had the luxury of fast internet. It wasn’t late 2010 when people started streaming Netflix through the free wifi of college dorms and public library.
Netflix first collection, dubbed "Watch Now" had 1000 titles
This swift move totally dissolved the movie rental services in suburban America. People quickly switched to watching 100s of movies for only $11.99 a month. In 2019, Netflix has more than 8000 movie titles and 2000 TV shows in over 49 languages.
By 2014, Netflix had reached over 40 million countries
The influx of TV titles was the best, smartest move by the company, as it began eliminating cable TV and triggered an upward decline in TV ratings.
TV subscribers dropped below 40 million for the first time
By introducing the concept of binge-watching, Netflix captured the millennial market and introduced cheaper plans to maximize subscribers.
Original content marked the golden age of Netflix
House of Cards, one of the first original titles, worked phenomenally for the brand. Based on the political journey of Frank Underwood, the show drew millions of new subscribers, as the show became the talk of the town and simply wasn’t available anywhere else.
By 2015, Netflix had become more of a status symbol
Top-quality shows like House of Cards, Stranger Things, Luke Cage, and Black Mirror took Netflix to a whole new level. It had the best of multiple worlds, which were: Cable TV, Motion Picture and groundbreaking content.
The next best move was to introduce multiple window facility
Netflix read the market, unlike any other gen-Z product. By diving down the economical road and providing multiple viewing windows on a single plan, Netflix brought more and more customers to subscribe.
Netflix has now successfully replaced cable TV for many people
As technology upscaled, it is now deemed wise for companies to develop products around internet streaming services.
Netflix now has 150 million subscribers worldwide
Nothing comes close to Netflix when it comes to streaming services. With the uprising competition and cheaper plans delivered by Amazon Prime, Hulu and other contemporaries, Netflix still leads in terms of annual growth, original content and market response. The map above shows the countries that have Netflix.
The main reason for Netflix's success is its accessibility
Some other reasons for its wide success are low prices yielding high revenues, original content, smart software, zero advertisements, single sourcing for the entire globe and an excessively smart and user-friendly interface.
Netflix transformed the way the masses consume content
Thank you for the gift of streaming, Netflix. For the trendiest stuff on the internet, keep scrolling.
And for India they had to launch Mobile only Rs. 199/- Package!
Netflix folks researched about how and why paid subscriptions are not increasing in India and this is what they got as a feedback, thus we decreased the package cost to Rs. 199/- and limited it to single screen that to for smartphones only.